Reykjavik-based startup DTE has just secured an impressive $10 million in Series A2 funding. This significant investment round is spearheaded by Novelis, alongside renowned venture capital firm Metaplanet, and the European Innovation Council (EIC) Fund. Joining forces with existing investors, Chrysalix Venture Capital and Brunnur Ventures, this funding marks a pivotal moment for DTE as they embark on a mission to transform the metals industry. With their LP-LIBS™ technology, DTE aims to revolutionize metals production and manufacturing processes, bidding farewell to archaic methods. This infusion of capital will be utilized to expand their ever-growing sales pipeline, expedite technology and product development efforts, and forge ahead in the realm of manufacturing decision intelligence and predictive analytics. The stage is set for DTE to push the boundaries of what’s possible and deliver greener, safer, and more efficient products for their customers.
DTE’s first-in-industry, in-line elemental analysis technology complements and replaces current slow, expensive, and manual methods for process and quality control. Our proprietary LP-LIBS™ sensor technology is uniquely able to deliver reference-grade elemental analysis directly from high-temperature liquid metals in less than 60 seconds from sampling. This breakthrough capability provides enhanced process control and decision support, empowering manufacturers and metals producers with unprecedented insights. From the plant floor to corporate management, our mission is to unlock our customers’ potential to deliver greener, safer, and more efficient products.
“We are delighted to secure this substantial funding round, which is a significant milestone for DTE, validating the transformative potential of our technology,” said Karl Matthiasson, CEO & Founder of DTE. “We are delighted and honored to welcome Novelis, Metaplanet and the EIC Fund as new investors on our journey to transform the metals production and manufacturing industries. The additional capital secured in this funding round finances expansion of our growing sales pipeline and will accelerate our technology and product development capabilities as we continue to push the boundaries of manufacturing decision intelligence and predictive analytics.”
“As a strategic investor, Novelis recognizes the significant potential of DTE’s LP-LIBS™ technology and the opportunities for its deployment within the metals production, manufacturing and recycling value chain,” said Derek Prichett, Senior Vice President, Corporate Development at Novelis “DTE’s solution, with its live elemental analysis capabilities, offers a promising avenue for optimizing production processes and enhancing product quality. In addition to using the technology to support Novelis’ own goals for carbon reduction, which include a 30% reduction by 2026 and net carbon neutrality by 2050 or sooner, we are also excited to aid DTE in their broader mission to help our industry transform towards ever cleaner, more sustainable production.”
“We are impressed by DTE’s unique technology and the potential of their actionable decision support platform to optimize production in the metals industry,” said Marcin Nowak from the EIB, leading the investment on behalf of the EIC Fund. “The EIC Fund is proud to support DTE to create value opportunities as well as streamline and improve efficiencies within the operations of one of Europe’s most energy intensive and emissive industries.”
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